Using Data to Evaluate Project Success

Key Takeaways: 1) Distinguish KPIs from Metrics: KPIs is a metric- but not all metrics are KPIs. A KPI is a strategic metric that: - Directly supports your organization’s top-level goals - Has clear executive buy-in and ownership - Cascades effectively to operational and individual levels ➤ Focus on the cross-functional KPIs that are applicable at all levels and aligned with the strategic goals 2) Adopt a Tiered KPI Framework: Use a 3-tier system to connect strategic priorities to day-to-day actions: - Tier 1: Strategic KPIs aligned with corporate objectives - Tier 2: Diagnostic metrics for root cause analysis - Tier 3: Operational metrics for team and individual accountability ➤ This hierarchy enables faster insight, alignment, and corrective action. 3) Move from Reporting to Action: Dashboards and scorecards aren’t just tools — they are part of your governance engine. - Use them to monitor, analyze, and respond, not just to report - Make data transparency and regular performance reviews a habit, not a chore 4) Accelerate with GenAI & ML: Next-gen technologies can supercharge KPI governance by: - Detecting anomalies and trends earlier - Automating analysis and forecasting - Providing actionable insights before issues escalate ➤ These tools enable proactive performance management, not just reactive correction. 📚 Reference: To dive deeper into Effective KPI Governance and Performance Measurement see: “Realizing Value from Digital/Gen AI/ML-Driven Supply Chain Planning Transformations” https://lnkd.in/g6JbA6Mf

In a fantastic recent post, Tris J Burns argues that the litany of problems facing data teams stems from failure to clearly and convincingly convey their value. Here's the economics-based playbook I've used for years to solve this problem... As an economist trained in non-market #valuation, I took the approaches I used in environmental litigation cases and adapted them to produce solid $ estimates of my data team's contributions. The basic principles: 🔸 Data teams produce value in two main ways: 1) by increasing the positive outcomes assoc w/ with the org's objectives (e.g., higher sales, increased patient recovery rate, higher contract win rate, etc.); or 2) by decreasing the costs of achieving a given level of positive outcome. 🔸 The analysis is focused on two scenarios - the "But For" Case (what outcomes likely would have been achieved had the data team NOT done Initiative X) and the Actual Case (what outcomes were actually acheived in the presence of Initiative X). 🔸 Proactivity is key - once you implement X, the "But For" circumstances no longer exist, and the ability to gather the necessary data may be forever lost. As soon as you become aware that Initiative X MIGHT be implemented, begin gathering that baseline data. 🔸 The two people(s) you need to get to know well, and that your leader needs to facilitate your access to: 1) the person(s) responsible for budget execution and timekeeping; and 2) those responsible for reporting on the org's key performance metrics. If your focus is reduced costs, work with the budget execution folks to accurately characterize the "before" state of relevant costs (the ones Initiative X is likely to affect). Then measure that same basket of costs post-implementation, making sure to adjust for any factors unrelated to X that may have changed in the interim. Measuring the change in outcome measures attributable to Initiative X is more difficult, because we often have less direct control over these, and there are many more confounding factors to account for. Again though, the key is working with the performance measurement folks to get accurate pre- and post-Initiative X data. 🔸 Specific methods for estimating the delta vary (regression- and time series-based methods are common), and the final estimate will be build upon a set of assumptions with some uncertainty inherent (but so will any arguments against your numbers...). The target you want to hit is estimates that are logical, methodologically sound, easy to explain, and make reasonable assumptions. 🔸 Keep in mind that once people start nitpicking your assumptions and approach, you've already won - you've successfully advanced a substantial, positive value assoc with the data team's efforts - now you're just arguing over the magnitude of your win. Also, in your work with the budget exec and KPI teams, look for ways to improve their processes with your data skills - they're powerful friends to make and keep... #career

🔍 Mastering Construction Progress with Earned Value Management (EVM) 🏗️📊 In today’s fast-paced construction environment, staying on schedule and within budget is more challenging—and more critical—than ever. That's where Earned Value Management (EVM) steps in as a game-changer. 💡 What is EVM? EVM is a proven method for tracking real-time project performance, offering deep insights by integrating schedule, cost, and scope metrics through 3 key values. Such as, 📌 Planned Value (PV) – What should be done? 💰 Actual Cost (AC) – What has it cost so far? ✅ Earned Value (EV) – What have we accomplished? 🚧 Why EVM Matters in Construction Large-scale projects demand constant, data-driven feedback. EVM empowers 📍 Clients with clear progress updates 📍 Teams with visibility into their impact 📍 Managers with early warnings to course-correct and avoid overruns 🔍 Key Metrics That Drive Decision-Making 📈 Schedule Performance Index (SPI) = EV / PV Efficiency of time usage ✔️ SPI > 1 → Ahead of schedule ❌ SPI < 1 → Behind schedule 💲 Cost Performance Index (CPI) = EV / AC Efficiency of budget usage ✔️ CPI > 1 → Under budget ❌ CPI < 1 → Over budget 📆 Schedule Variance (SV) = EV – PV 💸 Cost Variance (CV) = EV – AC Dollar-based indicators of deviation from plan 🔧 Real-World Benefits of EVM 💡 Accurate progress tracking 💡 Informed planning & resource allocation 💡 Real-time performance insights 💡 Early detection of risks 💡 Trusted project control and quality assurance EVM isn’t just about measuring, it’s about managing. With the right software tools, it transforms raw data into actionable insights, enabling better ➤ Forecasting 📉 ➤Scenario planning 🧩 ➤ Team accountability 💼 ➤Stakeholder confidence 🤝 #projectmanagement #projectmanagementtools #management #managers #engineers #successfulprojectmanagers #construction #civilengineering #civil #CivilEngineering #StructuralEngineering #ConstructionPlanning #ProjectManagement #WBSChart #EngineeringDesign #ConstructionProjects #BridgeDesign #EPCContracting #InfrastructureDevelopment #ConstructionScheduling #PilingWorks #Superstructure #ProjectControls #HSEManagement #QualityAssurance #ProcurementManagement #ConstructionSafety #AsBuiltDrawings #HandoverProcess #LessonsLearned #P6Scheduling #Primavera #ConstructionTechnology #SmartInfrastructure